TL;DR:
Commodity Futures Trading Commission Chair Michael Selig tapped David Miller, a former federal prosecutor and private-sector lawyer who oversaw digital asset cases, to lead the agency’s enforcement division. The hire lands as the CFTC’s crypto mandate is expanding and the regulator is signaling a tougher, more targeted posture on market integrity. Miller said he was “honored and thrilled” to join at an “exciting and transformative time,” thanking Selig for the trust to take on the role. The appointment also arrives amid questions about whether regulators have enough enforcement capacity. Staffing questions are front and center.
Miller brings a résumé built for complex cases. He previously served as a litigation partner at Greenberg Traurig and Morgan Lewis, focusing on commodities, securities, digital assets, and national security, and he spent almost a decade as an assistant U.S. attorney in the Southern District of New York, plus time as a DOJ terrorism prosecutor. The appointment comes as lawmakers have been working on bills to regulate crypto more broadly and expand CFTC jurisdiction, with prediction markets and digital assets moving into scope as the agency’s remit grows. That broader remit raises expectations for action.
The leadership change lands amid a staffing spotlight on enforcement at both the CFTC and the SEC. Both regulators are shifting crypto oversight and are viewed as more industry-friendly than during the Biden administration, criticized for “regulating through enforcement.” Barron’s reported the CFTC’s Chicago office had no enforcement attorneys left after retirements and staff reductions; on Bloomberg’s Odd Lots, Selig said “adequate staff” is required, adding resources are sufficient and still growing. At the SEC, Chair Paul Atkins called enforcement “robust” as Cornerstone Research found 2025 actions down 30% overall and crypto cases down 60%.
Selig drew a bright line for the job, saying Miller will prioritize policing fraud, abuse, and manipulation, not setting policy. That emphasis is designed to reassure markets that the enforcement division will focus on conduct and investor protection as jurisdiction debates evolve. Selig said he was “delighted” to welcome Miller, citing decades as a federal prosecutor and white-collar defense attorney, plus a track record defending market participants against “novel legal theories” from “overzealous regulators and plaintiffs.” For Miller, the mandate is execution: build teams, triage cases, and keep oversight as crypto and prediction-market coverage expands.
